€100m fraud: EFCC arraigns BFI Group, King Jaja over alleged CBN deception

The Economic and Financial Crimes Commission (EFCC) has arraigned BFI Group Corporation and six others before the Federal Capital Territory High Court, Jabi, over an alleged conspiracy to defraud the Central Bank of Nigeria (CBN) of €100 million (One Hundred Million Euros).

The defendants including Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward, and Emeka Emmanuel Okorie appeared before Justice M.S. Idris on Thursday, facing a five-count amended charge of fraud, conspiracy, and false pretence.

Prosecution counsel, Ekele Iheanacho (SAN), told the court that between August 2020 and March 2021, the defendants conspired to induce the CBN to confer benefits on BFI Group Corporation using false pretences.

Specifically, Count Two of the charge accused BFI Group and Reuben Jaja of attempting to obtain a Certificate of Capital Importation for €100 million by falsely claiming the funds had been deposited into a non-existent CBN account (No. 010147 - EUR - CDACBN - 52).

All defendants pleaded not guilty to the charges.
Drama ensued during the bail hearing when Chinedu Eze, counsel to the first and second defendants, attempted to move an oral bail application.

He urged the court to grant Reuben Jaja whom he described as a  prominent King bail on self-recognition, citing Section 32 of the Administration of Criminal Justice Act (ACJA) 2015.

However, the EFCC prosecutor, Iheanacho, vigorously opposed the oral application. He argued that since the defendants were no longer suspects but properly arraigned defendants, the court should follow due process.

He noted that written bail applications had already been filed and insisted on the prosecution’s right to respond formally in the interest of a fair hearing.

"My Lord, for them to have applied for bail in writing... then turn around to say that it is now oral is not right... Such application is misplaced and should be discountenanced," Iheanacho argued.

Justice Idris upheld the need for formal procedure and adjourned the matter to February 3, 2026, for a ruling on the bail applications. He ordered the fourth defendant to be remanded in EFCC custody, while the others were sent to the Kuje Correctional Centre pending the next hearing.